Chinese state-owned enterprise Shanghai Industrial Holdings is investing HK$2.746 billion $353 million for a 45% stake in Neo-China Land group, making it the controlling shareholder of the Hong Kong-listed company, which has been suspended from trading for two years.
Shanghai Industrial is acquiring 500 million existing Neo-China shares, representing 19% of the enlarged share capital, from controlling shareholder, Li Song Xiao, and subscribing to 684 million new shares that make up another 26%. Shanghai Industrial will pay HK$2.32 per share for both the old and new shares.
The deal follows only days after Singapore real estate developer CapitaLand agreed to pay $2.2 billion for the China real estate portfolio of Orient Overseas...
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